Lebanese sanctions are imposed on the former governor of the national bank
Lebanese sanctions are imposed on the former governor of the national bank
Thank you for reading this post, don't forget to subscribe!Riad Salameh, the formerly long-serving governor of Lebanon’s central bank, has been sanctioned by the United States, the United Kingdom, and Canada. Salameh is accused of corruption.
The nations made the announcement of the penalties on Thursday, accusing Salameh of utilizing corrupt practices to enrich himself and his cronies in order to contribute to the breakdown of the rule of law in Lebanon.
The US Department of the Treasury claimed in a statement that Salameh “abused his position of power, probably in violation of Lebanese law, to enrich himself and his associates by funneling hundreds of millions of dollars through layered shell companies to invest in European real estate.”
Raja Salameh, the brother of the previous governor, and Marianne Hoayek, his former aide, are also subject to the sanctions. Anna Kosakova, who shares a kid with Riad Salameh, was also sanctioned by Washington and London, and the US added decided to blacklist his son Nady Salameh.
The penalties block transactions between Riad Salameh and his associates and US people or businesses and freeze their assets.
Melanie Joly, the minister of foreign affairs of Canada, said the penalties send a message that the nations “will not tolerate the significant acts of corruption that have contributed to Lebanon’s economic collapse.”
Salameh has refuted the claims of corruption and promised to fight them, noting that some of his assets have already been frozen as a result of earlier investigations.
Soiled Legacy
After holding the position since 1993, the disgraced former governor of the national bank, known as Banque du Liban, resigned on July 31. Due to the demise of Lebanon’s banking industry and corruption allegations both domestically and internationally, Salameh, once hailed as a financial genius, now has a damaged reputation.
He was accused with embezzlement, money laundering, and tax evasion in Lebanon in February.
His arrest was also sought after by French and German officials in May, according to Interpol red notices, who also listed him as wanted for money laundering.
In a probe into his riches, France, Germany, and Luxembourg seized assets totaling 120 million euros ($135 million) in March of last year.
According to a diplomatic source in Europe, Salameh will be tried in Paris soon.
According to Salameh, he has been used as a scapegoat for Lebanon’s dire economic situation.
Lebanon’s currency has lost 98 percent of its value relative to the US dollar as a result of years of corruption by governmental officials. Many people hold Salameh and his allies accountable, blaming them for the nation’s economic mismanagement.
